HTC leads $10 billion consortium to invest in virtual reality

The phone maker, whose Vive VR headset was released earlier this year, helps to form an investment consortium aimed at supporting "true innovation" in VR.

HTC is putting its VR money where its mouth is. - Josh Miller/CNET

HTC is ponying up real-world money to support investment in virtual reality.

The Taiwanese phone maker said Thursday it has helped form the Virtual Reality Venture Capital Alliance, a consortium of 28 venture capital firms to invest in VR technology. The fund is made up of many well-known VC's, including early Apple and Google backer Sequoia Capital, Matrix Partners and 500 Startups.

"This is the first time such renowned VCs are joining hands at this scale to drive the future of a new industry, rather than competing to find the best deals for themselves," said Alvin Graylin, HTC's regional head in China, in a statement.